Market digest: what moved this week
The 10-year Treasury yield spiked to 5.34% this week — its highest level since 2002 — before easing back to around 5.18-5.25% by Friday. A five-week-long global bond rout and crude oil pushing near $100 a barrel were the main pressure points.
Friday’s September jobs report came in much weaker than expected — just 29,000 jobs added, well short of a “steady” labor market. Unemployment ticked up, though broader underemployment actually improved. Weak as it was, it did the market a favor: it eased pressure on the Fed to raise rates further at the October meeting, and stocks rallied hard on the news.
The Nasdaq hit a fresh record high Friday, powered by Nvidia and a blowout earnings report from Micron that lifted chip stocks broadly.
Stocks were mixed on the week overall. The Dow fell about 1.3%, the S&P 500 slipped roughly 0.3%, while the Nasdaq eked out a gain — tech holding up far better than the rest of the market under the weight of higher yields.
A 24-year-high bond yield. A jobs report that missed badly. A record Nasdaq close. It was a week built for a flip — so did any of the three signals actually move? Here’s exactly where SPY, GLD, and BTC stand right now.
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